SANDPOINT — A local developer’s $4 million offer to purchase the University of Idaho property on Boyer Avenue was approved by the Idaho State Board of Education on Thursday.

State board members unanimously approved the sale, though it was not without some concern regarding whether $4 million was a fair amount for the 75-acre property in Sandpoint.

“From our stewardship standpoint, it’s the number,” said state board member Andrew Scoggin. “We want to make sure there was sufficient work done to provide confidence in this body that the $4 million is an appropriate number.”

Brian Foisy, vice president for finance and administration, said UI officials were in the process of listing the property when they received an email with the $4 million offer from local developer Tim McDonnell. Two appraisals had been done on the property, he said, with one that came in at $2.8 million and one at $5,155,000.

“We did the math,” Foisy said. “... What folks did was just take the average of the two appraisals, which is what we would expect to happen. We believe it does represent the fair value of the property.”

Because the offer was made before the property was listed, Scoggin asked if they were to list it now if there would be a concern that McDonnell would pull his offer if a better one did not come through.

“I would say that market is extremely thin,” said University of Idaho President Scott Green. “The number of folks who will come out to bid on that property — they haven’t been beating down our doors … And we do think that the savings in the commission is worth taking. So based on all that, we felt that this is the right decision for both the state and for the university.”

The university also worked with city of Sandpoint staff for more than a year attempting to reach an agreement, as the city had hoped to acquire the property. Ultimately, however, the city was unable to secure the funding.

In response to a question by state board member Richard Westerberg regarding whether there is any local opposition to the sale, Foisy said it “would depend on the community member that you ask.”

“I suppose it is fair to acknowledge that there are some residents who would prefer that the university would just donate the property to the city and move on,” Foisy said.

The property was donated to the college in 1913 and was once the site of UI’s Sandpoint Research and Extension Center. The center was among 12 facilities statewide at that time targeted for closure as UI officials looked to cut $3.2 million from the school’s research and extension budget.

The property has since been used by groups for recreational purposes, such as cross-country skiing, snowshoeing and disc golf. Despite the recreational activities, much of the land has remained largely unused over the years, Foisy said.

“The university is in a position now where we are attempting to fund the strategic priorities of the campus, and to have an unutilized piece of property there is not a fiscally prudent thing for us moving forward.”

According to state board documents, the university and McDonnell have until Dec. 11 to close the sale.

Mary Malone can be reached by email at [email protected] and follow her on Twitter @MaryDailyBee.